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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    231 Main St Elkhart, IN 46516-3036

    • Turn key restaurants
    • 1,560 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Feb 08, 2025
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1306994
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Tipsy Biscuit / Restaurant

    Property Details for 231 Main St

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.13 lot acres
    Property size
    1,560 SF
    Zone code
    ZO01
    Property type
    Turn key restaurants
    APN
    20-06-05-257-017.000-012
    APU
    200605257017000012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $165,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9748
    Latitude
    41.6892
    CBSA code
    21140
    CBSA name
    ELKHART-GOSHEN, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,961
    $40,300
    $56,900
    $97,200
    -
    $40,300
    $56,900
    $97,200

    Comparable in this City

    • Value Estimation
      $290,000
      6,370 SF

      742 Main St Ste, Unit 100

      RESTAURANT • 6,370 SF
      742 Main St Ste, Elkhart, IN 46516-3775
      View Details
    • Value Estimation
      $350,000
      1.15 Acres

      113 County Rd 17

      RESTAURANT • 1.15 Acres
      113 County Rd 17, Elkhart, IN 46516-5448
      View Details
    • Value Estimation
      $250,000
      1,000 SF

      1430 Nappanee St

      RESTAURANT • 1,000 SF
      1430 Nappanee St, Elkhart, IN 46516-1517
      View Details
    • Value Estimation
      $235,000
      2,784 SF

      1147 Ctr St

      RESTAURANT • 2,784 SF
      1147 Ctr St, Elkhart, IN 46516-4559
      View Details
    • Value Estimation
      $260,000
      2,074 SF

      1724 Nappanee St

      RESTAURANT • 2,074 SF
      1724 Nappanee St, Elkhart, IN 46516-1705
      View Details
    • Value Estimation
      $275,000
      8,253 SF

      333 Nibco Pkwy

      RESTAURANT • 8,253 SF
      333 Nibco Pkwy, Elkhart, IN 46516-3565
      View Details

    Similar Nearby for Sale

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      Versatile Commercial Building in Elkhart

      Well-built commercial building with endless possibilities for your next venture!
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      Mixed-Use Property in Downtown Elkhart

      Mixed-use property with restaurant, entertainment venue, and apartments in Elkhart.
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    • $69,900
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      Elkhart Storefront Carry Out Business

      Storefront carry-out business with basement, equipment, and B-2 zoning.
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    • $995,000
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      Elkhart Retail & Storage Opportunity

      High-traffic retail/storage complex, great potential.
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    • $1,200,000
      11,172 SF

      Established Retail Business For Sale

      Profitable retail business with real estate on a busy street.
      1333 S Nappanee St, Elkhart, IN 46516
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    • Contact for pricing
      1,272 SF

      Retail Space on Nappanee Road

      Retail space with excellent visibility and easy highway access.
      1206 N Nappanee St, Elkhart, IN 46516
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
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      Elkhart Office Space For Lease

      1,560 SF Office Suite Available
      830 Parkway Ave, Elkhart, IN 46516
      View Details
    • $6 SF/Yr
      4,242 SF

      Elkhart Retail Space - Great Location!

      4,242 sq ft Office/Retail Space. Prime Elkhart location.
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      View Details
    • $12 SF/Yr

      Charming Retail Space in Elkhart

      Retail space with original features in a walkable downtown setting.
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      View Details
    • Contact for pricing
      6,315 SF

      Riverwalk District End Cap Space

      Elkhart, IN Retail/Office Opportunity
      322 Elkhart Ave, Elkhart, IN 46516
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    • $3,500 /Mo
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      Elkhart Bar/Restaurant Space Available

      Commercial space suitable for a bar or restaurant in Elkhart.
      112 E Lexington Ave, Elkhart, IN 46516
      View Details
    • $9 SF/Yr
      20,295 SF

      Prime Elkhart Office Space

      Historic Downtown Elkhart Office/Coworking
      223 Main St, Elkhart, IN 46516
      View Details
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    231 Main St
    Elkhart, IN 46516-3036
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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